Northern Trust Corporation (NTRS) CEO Michael O'Grady on Q2 2022 Results - Earnings Call Transcript

Northern Trust Corporation (NASDAQ:NTRS) Q2 2022 Earnings Conference Call July 20, 2022 10:00 AM ET

Company Participants

Jennifer Childe - Senior Vice President, Director of Investor Relations

Michael O'Grady - Chairman and Chief Executive Officer

Jason Tyler - Executive Vice President and Chief Financial Officer

Mark Bette - Senior Vice President and Director of Investor Relations

Conference Call Participants

Alex Blostein - Goldman Sachs

Steven Chubak - Wolfe Research

Glenn Schorr - Evercore ISI

Mike Mayo - Wells Fargo Securities

Michael Brown - KBW

Brennan Hawken - UBS

Brian Bedell - Deutsche Bank

Ken Usdin - Jefferies

Betsy Graseck - Morgan Stanley

Vivek Juneja - JPMorgan

Jeff Harte - Piper Sander

Gerard Cassidy - RBC

Operator

Good day and welcome to the Northern Trust Second Quarter 2022 Earnings Conference Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Jennifer Childe. Please go ahead.

Jennifer Childe

Thank you, Kevin. Good morning, everyone and welcome to Northern Trust Corporation's second quarter 2022 earnings conference call. Joining me on our call this morning are Mike O'Grady, our Chairman and CEO; Jason Tyler, our Chief Financial Officer; Lauren Allnutt, our Controller; and Mark Beatty and Briar Rose from our Investor Relations team. Our second quarter earnings press release and financial trends report are both available on our website at northerntrust.com. Also on our website, you will find our quarterly earnings review presentation, which we will use to guide today's conference call. This July 20th call is being webcast live on northerntrust.com.

The only authorized rebroadcast of this call is the replay that will be made available on our website through August 17th. Northern Trust disclaims any continuing accuracy of the information provided in this call after today. Please refer to our Safe Harbor statement regarding forward-looking statements on Page 11 of the accompanying presentation, which will apply to our commentary on this call. During today's question-and-answer session, please limit your initial query to one question and one related follow-up. This will allow us to move through the queue and enable as many people as possible the opportunity to ask questions as time permits.

Thank you again for joining us today. Let me turn the call over to Mike O'Grady.

Michael O'Grady

Thank you, Jennifer. Let me join in welcoming you to our second quarter 2022 earnings call. We generated solid results in what turned out to be a more volatile and uncertain market and macroeconomic backdrop than we've experienced in some time. New business momentum continued to be strong and our capital position remains robust. Revenue increased 12%, EPS grew 8%, and we delivered a return on average common equity of 15.7%.